Loan Process 2025

[BobH02]

Good Evening ALL & Happy New Year! I just have a quick question.

Our Co has been with Square for a few years now. We had our PPP Loan through Square, and we also have had multiple Loans Offered & Approved that were all paid off early. On our latest Loan Offer, it seems like the approval process is taking much longer than usual. We are at 5 business days 2day, and still at pending status? No other info has been requested. And our other Loans usually were approved in 1 or 2 days and then funded the next day. I’m just wondering if this is something new in 2025? And also, if any other of you folks may be having the same issue? Please let me know.

Thanks, 

Bob

[Twpchair · Accepted solution]

Mine tend to be more Saturday offers than any other day of the week. Our busiest days are Wednesday-Sat and I tend to get a late night Saturday offers than any other day. 

[Minion · Accepted solution]

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@kacey_k wrote:

I actually have a question for you so I got my second loan offer two weeks ago and it was less than my first offer but the few weeks leading up to me getting my offer literally no card payments except for a few here and there most people were paying cash so I understand why the offer was low. My question is do you think it would be stupid of me to pay this loan off and then that way the algorithm could see because since I’ve got that loan, I’ve had nothing but card payments. It’s back to how it was before I got the loan. 

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Hey @kacey_k 

So I personally would advise against doing that for a few different reasons.  First one being the most important one is the fees that you are going to eat for practically nothing in return.  It would be like throwing away all of that money literally.  Second reason I wouldn't go this route is that it can take  10 business days for the funds to clear, and the loan to be paid off.  You then get tossed back into the algorithm and an offer is not guaranteed at any point in time regardless of paying it off. 

If I were you, I would just do business as normal, and when it pays off, it pays off. But that is just y .02 though.  I would do/take what you can with that loan that was offered, recoup the fee;s that were spent and then hopefully your next offer when that is paid off if you decide to take it is the amount you are looking for if needed!

[Stanleybear323]

Thank you so much!! And I just saw you got a new offer! Congrats! So happy for you, and as always thank you for updating! Keeping my fingers crossed an offer comes in soon. Have a great rest of the week and congrats again!

[Twpchair]

Nice to see you! I guess we have a few sticking around. You know how it works so keep doing what you have to and get that algorithm moving. Good luck to you!

[Stanleybear323]

Thank you so much!! We have just been crazy busy all summer and paying off slowly but surely lol! Thank you as always for your amazing advice, encouragement and support!

[Twpchair]

You are so welcome!

[ZOKZAC]

I’m a long time lurker and I rarely post on here but I like to update when I receive offers to help others on here. I use this forum to try to figure out the algorithm (which seems so random). I received an offer this morning at 69%. It was the exact same as last offer received.  This is also the second smallest percentage I have received an offer. My lowest percentage being 68% and my highest being 94% paid off. 

[Twpchair]

Congratulations!!!! Thank you for sharing. It does help others 

[FirstLook]

At 64% currently and usually start keeping an eye out for offers around this time! They always seem to come at just the perfect time lol, would definitely be helpful sometime soon. Will let you guys know if/when one comes through! 

[locksmithnick]

New offer came in this morning at 3am. 65% paid…..highest offer to date 

Hasn’t been approved yet, though, which normally happens within an hour. 

[Damien_H]

Congratulations

[Twpchair]

Congratulations!!!!! Thank you so for the update!

[Twpchair]

It depends on the timing. At 3 am, I wouldn't stress. It does say 1-3 business days. No news or information is needed; it is just taking longer. I see a few others from Saturday are still waiting. There must have been a good chunk. Congrats 👏 

[locksmithnick]

Being that this will be loan #24 and 12 years of history, I honestly thought I was just on automatic approval and it was just a machine punching the approve button lol

[Twpchair]

You're very close, but if the person 20 approvals ahead of you needs to send in documents, it will bottleneck it. But I usually take mine, for instance. If approved during the weekday from 11 a.m. to 3 p.m., it will take about 15 minutes to be approved and deposited. Saturday, forget it for me until usually late Monday or Tuesday morning. 

[locksmithnick]

Approved and deposited 💰

[Twpchair]

Perfect! Didn't think you had issues just bottleneck and an early morning offer. Congratulations 🎉 

[FirstLook]

Congrats! Just hit 67% and hoping for a new offer soon, so this was great to see.

[locksmithnick]

Still waiting on approval……

[Crispin2k253172]

Still waiting on mine also me.  All green. At 82% . Nothing yet. Its so weird

 Trying calling but they just give you the run around and can't give an answer. Just sit and wait is basically what they told me. 

[B-dot]

Just got a loan offer for double my previous offer, at 61% paid back.

I took it.

I know taking it at 61% seems horrible, but with our profit margins, we make up for the "loan fee" in less than a week, investing the principal multiple times over.

[Twpchair]

Congratulations 🎉, thank you for sharing!

[Bdz]

Has anyone received a loan when processing says needs work. October and November are very slow for me, so of course my processing took a dip, but I am 95% paid on loan. Would love to purchase inventory during the next few months, because it goes on sale, during the slow times of my biz. Just curious, if anyone received loan with the needs work?, if I had some new inventory that stood out a little, I could raise sales a little,  not much, cause Oct, Nov always been very slow for me, just kinda sucks the timing happened like that, right when I may have been coming up for a loan. Thank you in advance for answering me